Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Fair Value Disclosure [Abstract]

Summary of the Balances of Assets Measured at Fair Value

The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2025 and December 31, 2024:

Fair Value Measurements

As of March 31, 2025

	Level 1		Level 2		Level 3		Total
Assets:
Bank Debt/Senior Secured Loans	$	—	$	—	$	37,600	$	37,600
Total Investments	$	—	$	—	$	37,600	$	37,600
Fair Value Measurements
As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Bank Debt/Senior Secured Loans	$	—	$	—	$	38,271	$	38,271
Total Investments	$	—	$	—	$	38,271	$	38,271

Summary of the Changes in Fair Value of Level 3 Assets

The following table provides a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2025, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2025:

	Bank Debt/Senior Secured Loans			Total
Fair value, December 31, 2024	$	38,271		$	38,271
Total gains or losses included in earnings:
Net realized gain (loss)		—			—
Net change in unrealized gain (loss)		(180	)		(180	)
Purchase of investment securities*		6,032			6,032
Proceeds from dispositions of investment securities		(6,523	)		(6,523	)
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Fair value, March 31, 2025	$	37,600		$	37,600
Unrealized gains for the period relating to those Level 3    assets that were still held by the Company at the end    of the period:
Net change in unrealized gain	$	12		$	12

* Includes PIK capitalization and accretion of discount.

The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2024, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2024:

	Bank Debt/Senior Secured Loans			Warrants			Total
Fair value, December 31, 2023	$	21,651		$	3		$	21,654
Total gains or losses included in earnings:
Net realized gain		9			4			13
Net change in unrealized gain (loss)		549			—			549
Purchase of investment securities*		27,483			—			27,483
Proceeds from dispositions of investment securities		(11,421	)		(7	)		(11,428	)
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Fair value, December 31, 2024	$	38,271		$	—		$	38,271
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period:
Net change in unrealized gain (loss)	$	568		$	—		$	568

* Includes PIK capitalization and accretion of discount.

Summary of Quantitative Information about the Company's Level 3 Asset Fair Value Measurements

Quantitative information about the Company’s Level 3 asset fair value measurements as of March 31, 2025 and December 31, 2024 is summarized in the tables below:

	Asset or Liability	Fair Value at March 31, 2025		Principal Valuation Technique/Methodology	Unobservable Input	Range (Weighted Average)
Bank Debt / Senior Secured Loans	Asset	$	37,600	Income Approach	Market Yield	9.2% - 14.0% (10.5%)
	Asset or Liability	Fair Value at December 31, 2024		Principal Valuation Technique/Methodology	Unobservable Input	Range (Weighted Average)
Bank Debt / Senior Secured Loans	Asset	$	38,271	Income Approach	Market Yield	8.5% - 14.8% (10.8%)